IMO the dividend is secure. They were able to pay it and increase it in the middle of the financial crisis. There's no problem doing both now. However, I don't expect a big bump in the dividend for several years. But I do think they will continue to raise it 1 cent per year for the next few years. Which is OK, given that you start with 7% now.
I don't see much upside due to housing. I think the upside will occur as investors seek yield, and they realize that the dividend is secure. Right now there is skepticism over that.